Hong Kong's stock market operator is opening the door for some of Southeast Asia's biggest companies in Thailand, such as state oil and gas company PTT and conglomerate CP All, to seek a secondary listing in the city and raise funds from a wider pool of global investors.

Hong Kong Exchanges and Clearing (HKEX) added Stock Exchange of Thailand (SET) to its list of recognised stock exchanges on Monday, according to a statement. HKEX had earlier added Indonesia and Singapore to its approved Southeast Asian markets.

SET has 636 listed companies on the main exchange and 222 smaller-capitalised firms on the Market for Alternative Investment. Its market capitalisation of US$559 billion as of June 2024 was the third-largest in Southeast Asia after Indonesia and Singapore, and the 25th worldwide, according to the World Bank.

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"SET is home to companies from many dynamic sectors, including energy, healthcare, and technology," HKEX's head of listing Katherine Ng said. The addition of SET will facilitate potential cross-listings, giving Thai companies access to a wider global investor base and enriching HKEX's market offering, she added.

State-controlled oil and gas company PTT is among the biggest in Thailand. Photo: Handout alt=State-controlled oil and gas company PTT is among the biggest in Thailand. Photo: Handout>

Thailand's top companies with primary listing status would be eligible for a secondary listing, a move that could help strengthen Hong Kong's position as Asia's leading international financial centre, Ng added.

Thailand would be the 20th recognised bourse, joining major market operators like the New York Stock Exchange, the Nasdaq and the stock exchanges of London, Paris, Frankfurt, Tokyo and Saudi Arabia, according to HKEX.

Financial Secretary Paul Chan Mo-po in his latest budget speech last month indicated that the HKEX would be adding more foreign stock exchanges to the list, a move aimed at promoting the city as a fundraising hub for international companies.

Delta Electronics is Thailand's biggest listed firm with a market value of about US$28.4 billion, while PTT has a market value of about US$24 billion and Airports of Thailand US$16.4 billion.

Stockbrokers in Hong Kong welcomed the HKEX's decision, coming at a time when the artificial intelligence euphoria had recharged buying interest and boosted stock valuations. This year, the benchmark Hang Seng Index has risen 21 per cent, while the broader MSCI China Index has advanced 19 per cent in an unprecedented surge.

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"The move will widen the pool of listed companies on the Hong Kong stock exchange for investors," said Tom Chan Pak-lam, honorary president of the Institute of Securities Dealers, an industry body for local stockbrokers. "This is positive for the development of Hong Kong."

The average daily turnover in the first two months this year in Hong Kong was HK$222.5 billion (US$28.5 billion), a 138 per cent increase from the same period a year ago, according to HKEX data. The headline average volume rose 26 per cent last year to HK$131.8 billion per day.

This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved.

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